Citi Considering Bitcoin Futures Trading for Some Institutional Clients 4v2s32 Technology News

Citi was reportedly weighing the option of providing cryptocurrency related services in May. 21632x

By Reuters | Updated: 25 August 2021 12:26 IST

Citi Considering Bitcoin Futures Trading for Some Institutional Clients

The bank is being very thoughtful about the approach in offering Bitcoin futures trading 5o5o4m

Highlights

Citi is awaiting regulatory approval to begin trading Bitcoin futures
Bitcoin prices rose past $50,000 (roughly Rs. 37 lakhs) on Monday
Citi is considering products such as futures for some clients

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Citigroup is considering offering Bitcoin futures trading for some institutional clients, a spokesperson for the bank said on Tuesday, citing increased demand in the cryptocurrency space.

Bitcoin price in India stood at Rs. 37.8 lakhs as of 12pm IST on August 25.

Media outlet Coindesk reported earlier on Tuesday that Citi is awaiting regulatory approval to begin trading Bitcoin futures on the Chicago Mercantile Exchange, citing a source within the bank.

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"Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach," a Citi spokeswoman said in an email.

"We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks," she added.

The bank was weighing the option of providing cryptocurrency related services in May, according to a Financial Times report.

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Business Insider reported in late July that JPMorgan Chase will allow all of its wealth management clients access to cryptocurrency funds.

© Thomson Reuters 2021

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Cryptocurrency Prices across Indian exchanges

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